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Earlier today (March 12, 2008), the iPhone Dev Team announced that they have completed a hack
that both jailbreaks and unlocks iPhones running on 2.0 firmware. Apparently
this new version patches itself directly to the iPhone’s firmware (2.0), as
opposed to previous versions where the only way such a "hack" could
be installed was via an exploit in the programming.

This "hack" for
lack of a better word, is set to release sometime in June along with the official release of the 2.0 iPhone firmware. For all of you who
are not familiar with the concept of jailbreaking or unlocking the iPhone, feel
free to refer to either this guide
or this one! Be careful though, jailbreaking & unlocking of
your iPhone/iPod Touch is not supported by Apple!

[via iLounge]